State Budget Execution for the period of January – December of 2023 (preliminary data)

According to the preliminary data available for the execution of the State Budget on a modified cash basis, the State Budget balance for the period of January – December of 2023 presented a deficit of 3,989 million Euros, against a target of a deficit of 8,338 million Euros that has been incorporated for the same period of 2023 in the 2024 Budget introductory report and a deficit of 11,656 million Euros for the same period of 2022. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 3,692 million Euros, against the primary deficit target of 851 million Euros and the primary deficit of 6,652 million Euros performed at the same period of the previous year.

Regarding the observed difference between the State Budget Primary Balance and its target, on a cash basis, it is noted that it concerns amounts that do not affect the fiscal result of General Government in ESA terms, which is calculated after the addition of the General Government entities’ fiscal result and the accrual adjustors.

More specifically, an amount of 1,687 million Euros of Recovery & Resilience Facility revenues that was collected in December, while it was initially estimated to be collected during the first quarter of 2024, as well as, the main part of the 2,767 million Euros under execution of State expenditure, (for example the time differentiation of the cash payments for military procurements, the transfers to General Government entities, etc), do not affect the State Budget Primary Balance on accrual basis.

It is noted that State Budget Net Revenues for the twelve month period, while taking into account tax refunds, presented an increase of 337 million Euros against the target. The aforementioned increase was mainly caused by November revenues, since December revenues were near the target. This increased was counterbalanced by the PIB expenditure increase of 362 million Euros against the target.

For the period of January – December of 2023, State Budget net revenues amounted to 66,776 million Euros, showing an increase of 1,581 million Euros against the target of the corresponding period, which is included in the 2024 Budget introductory report. This overperformance is mainly due to the collection in December 2023 of the amount of 1,687 million Euros from the Recovery and Resilience Facility (RRF), which was estimated to be received in March 2024. Excluding this amount from RRF, net revenues showing a decrease of 106 million Euros or 0.2% against the target due to the reduced PIB revenues.

Tax revenues amounted to 61,671 million Euros, 653 million Euros or 1.1% higher against the target which is included in the 2024 Budget introductory report.

Tax refunds amounted to 6,993 million Euros, 316 million Euros higher than the target (6,677 million Euros).

PIB revenues amounted to 3,323 million Euros, 441 million Euros lower than the target (3,763 million Euros).

A more precise allocation among the revenue categories of the State Budget will take place when the final Bulletin is issued.

Particularly, in December 2023 the State Budget net revenues amounted to 7,612 million Euros, 1,384 million Euros higher than the monthly target, mainly due to the collection in December 2023 of the amount of 1,687 million Euros from the Recovery and Resilience Facility (RRF), as mentioned above. Excluding this amount, net revenues showing a decrease of 303 million Euros against the target which is included in the 2024 Budget introductory report mainly due to: (a) the pre-collection in November 2023 of the amount of 189 million Euros from the Renewable Energy Sources Operator & Guarantees of Origin (DAPEEP SA), which was estimated to be received in December 2023 in order to be used for the granting of the 2023 winter season heating allowance and (b) to the decreased PIB revenues.

Tax revenues amounted to 5,631 million Euros 205 million Euros or 3.8% higher against the target which is included in the 2024 Budget introductory report.

Tax refunds amounted to 726 million Euros, 182 million Euros higher than the target (543 million Euros).

PIB revenues amounted to 369 million Euros, 100 million Euros lower than the target (469 million Euros).

State Budget expenditures for the period of January – December of 2023 amounted to 70,765 million Euros, 2,767 million Euros lower than the target (73,533 million Euros), which is included in the 2024 Budget introductory report. Τhey were also decreased in comparison to the respective period of 2022 by 513 million Euros, mainly due to the decreased cash payments for military procurements of the Ministry of Defense by 1,841 million Euros, taking into account opposite changes in other expenditure categories.

In the Ordinary Budget the payments are shown decreased, compared to the target, by 3,147 million Euros. This evolution is mainly attributed to the under execution of the cash payments for military procurements of the Ministry of Defense by 557 million Euros, as well as, the under execution of transfers to General Government entities by 471 million Euros. At the same time, there was not full consumption of the non allocated appropriations. This was also contributed by the fact that entities of the General Government were partially served with the use of their own resources, without the need for an additional state grant.

Noteworthy payments are the grant to the Information Society S.A. of 821 million Euros, in order to serve the needs of Market Pass and its extension, the grant to the Green Transition Fund amounting to 367 million Euros of excess profits of energy producers, for the period from October 1, 2021 to June 30, 2022, as well as, this year’s heating oil subsidy payments of 100 million Euros. All aforementioned payments were made with the use of reserve appropriations dedicated for tackling energy crisis measures (non allocated expenditure).

Investment expenditure amounted to 11,201 million Euros presenting increased payments by 379 million Euros compared to the target. PIB expenditure includes amount of 133 million Euros for COVID-19 measures, of which the most important are the reinforcement of health institutions with auxiliary staff to respond to the needs arising from the COVID-19 pandemic in the Regions, the support of startups within the framework of Elevate Greece, the creation of a network of nurses for the collection of samples of biological material and nursing assistance for suspected cases of COVID-19 at home and the grant to existing SMEs in the retail sector that have a physical store, for the development, upgrade and management of an online store.

State Budget Execution for the period of January – December of 2023

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